No additions based solely on survey statements without supporting material

Saaras Agro Industries Vs ACIT (ITAT Indore) The Income Tax Appellate Tribunal (ITAT) Indore issued a ruling on appeals filed by Saaras Agro Industries against the orders of the Commissioner of Income Tax (Appeals)-II, Indore. The case revolved around additions made under Sections 68, 69, and 115BBE of the Income Tax Act, 1961, based on a survey conducted under Section 133A. The primary contention was the validity of an income surrender during the survey, later retracted by the assessee. ITAT partly allowed the appeal, considering judicial precedents and CBDT circulars. The dispute arose from ...